Dear Economic Secretary to the Treasury,
I am pleased that three former employees of Credit Suisse were arrested in London over the $2 billion secret debt scandal in Mozambique.
However, I don’t understand why the action has been taken by the US authorities rather than by our own authorities here in the UK. The US indictment alleges that at least $200 million of bribes and kickbacks were taken as part of the deal by London employees of Credit Suisse, as well as the contractor Privinvest and members of the Mozambique government.
The loans were given by the London branches of Credit Suisse and VTB, and the bankers arrested are based in London.
The UK should be enforcing the 2010 Bribery Act in relation to this case. Will you ensure that the Serious Fraud Office and/or Financial Conduct Authority now fully investigate and hold to account both the individuals responsible, and Credit Suisse and VTB?
Furthermore, the Financial Conduct Authority have told Jubilee Debt Campaign that there are no UK rules which require the disclosure of loans to governments by banks based here, or made under UK law. Will you act to ensure that all loans given under UK law to governments are publicly disclosed when they are given?